The common political conversation about our shared economic future focuses on achieving an escape velocity where the post-war growth boom can return as usual. While years of lackluster economic performance mount, a rapidly growing global economy is still discussed like it is readily just over the horizon. Can the factors creating a slower growth world find open discussion in time to avoid severe social strife? Is the drive for passive income in an age of stagnation placing the global economy in permanent peril and creating a context for social strife?
In Extraenvironmentalist #91 we first speak with Satyajit Das about his new book The Age of Stagnation: Why Perpetual Growth is Unattainable and the Global Economy is in Peril which questions the assumption that never ending economic growth is possible, or desirable. Das questions the ability of political leaders to enact the tough structural changes needed to avoid social chaos in a low growth world. Then, in the second half of our show we speak with Michael Hudson about his book Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy. Hudson describes how debt deflation is imposing austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.